Candidates often disappear in between the hiring process and employers are struggling to get the right hires. The survey conducted by CutShort and taken by about 1400 candidates across India deep dives into the minds of the modern candidates and tries to gauge their behavior in the context of hiring.
Here are 5 key insights from the report:
Role and company brand > Salary
85 percent more candidates said role is more important than those who chose salary, and 50 percent more candidates chose company brand over salary. The times have changed, the millenials and Gen Zs are known to be more purpose-driven. ‘Modern’ candidates want roles that can help them grow fast and hence prefer to work for companies where they think they will get that ecosystem to learn and grow.
The preference of brand and role over salary is what has led companies to highlight the impact and learning potential of the job as vividly as possible. Employers need to ensure that they showcase key strengths of their company.
Unreasonable hiring process: Top reason for candidates dropout
As per the survey, 70 percent of respondents dropped out because the hiring process asked them to spend more effort than they were willing to spend at that time. The other options were ‘I didn’t like the role or company’ and ‘I got an offer from some other company’.
The problem here majorly is that employers are constantly trying to ensure that they get the right talent on board and hence have made their hiring process extremely stringent, with more screening tests and several other filters to be able to pick the best.
However, these added filters have had negative consequences as well. Even the candidates want to optimize their time and want to make an effort only when they find an opportunity promising.
The problem can be easily solved if employers identify high potential candidates early in the hiring stage. The better the applications, lower would be the dropout rate.
Professionalism vs speed in the hiring process
More than 50 percent of candidates said, “professionalism”, which includes punctuality, written communication and conduct, was more important to them than just “speed” of the hiring process.
Here’s where the importance of harnessing the skills and the competencies of the recruiters themselves comes in. The recruiters job is no longer restricted to just cold calling the candidates and arranging interviews. They are the representatives of the employer’s brand and the first person the candidates interact with. Therefore, it is absolutely critical that the recruiters represent the brand well and create a good experience for the candidates.
Candidates ‘google’ about the company before applying
80 percent people said that they Google search to check the experiences of customers and employees before applying for a job in any company. While 65 percent said that they read Glassdoor reviews, if available and at least 50 percent mentioned they ask current and former employees before taking the decision to apply.
It is the digital age and employers’ online presence is being looked at. It’s time that companies acknowledge this and leverage the various platforms and social networking sites to communicate their company’s values, culture and best people practices.
Why do candidates decline the offers or don’t show up on the date of joining?
55 percent of candidates said that they won’t take other offers or would at least inform companies if they decide to take someone else’s offer, while 35 percent of candidates said that their behavior depends on how their hiring process went.
The good news is that most candidates would choose to keep recruiters informed about a change in their decision depending on the kind of relationship they are able to cultivate with them.
The findings of the survey emphasize that the joining ratio actually depends on what happens in the initial stages of the hiring process, at the time of screening and shortlisting. The relationship established by the recruiters at the initial stage is what can fetch the results at a later stage.
It is important for companies and recruiters to take note of these trends and update and upgrade their current recruitment strategies as per these new norms to make their hiring decisions more accurate.
(The article is based on the report 'Understanding the mind of modern candidates' by CutShort, an AI powered recruitment firm.)